Newt Gingrich: Ban campaign finance laws so Koch brothers can 'offset' power of Barbara Walters

Former Republican presidential candidate Newt Gingrich on Sunday asserted that individuals should be able to donate unlimited amounts of money to candidates because billionaires Charles and David Koch were needed to overcome the power of media personalities like Barbara Walters.

In a special presentation on Sunday night, Walters will interview the "10 Most Fascinating People," including David Koch.

ABC's This Week previewed a portion of the interview on Sunday morning.

"Do you think it's fair that just because you have billions of dollars, you can influence elections?" Walters asked the conservative activist.

Koch avoided the question of fairness, but argued that he was not breaking any campaign finance laws.

"I'm basically a libertarian, and I'm a conservative on economic matters, and I'm a social liberal," Koch insisted.

Walters pointed out that Koch claimed that he supported LGBT rights and a woman's right to have an abortion, but he funded Republican candidates who opposed those rights.

"That's their problem," the billionaire quipped. "I do have those views, but what I want these candidates to do is to support a balanced budget. And I'm very worried that if the budget is not balanced that inflation could occur, and the economy of our county could suffer terribly."

During a panel discussion, Gingrich opined that the "best election law that you could have would allow anyone to give to candidates any amount as long as it's reported every night on the Internet because you're much safer out there."

"But I just have to say this," he continued. "To have Barbara Walters to suggest that David Koch has a lot of influence -- I'd like to know the value of Barbara Walters' opinion over her career on television, unpaid for. I mean, this whole thing the elite media has, 'Look at these rich guys about to tell you something.'"

"You talk about politics and money, what about the power you guys have?" Gingrich said, pointing to ABC host Martha Raddatz. "Because what Koch represents was an effort by conservatives to offset the elite media."

Watch the video below from ABC's This Week, broadcast Dec. 14, 2014.